Don’t miss Martin Lewis’ money-saving tips ahead of Christmas

'Tis the season to be jolly... and try to spend wisely

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By Oliver Higham-Grady

19th November 2017,8:06 am

Updated: 20th November 2017,1:19 pm

AS the festive season fast approaches, millions across the nation are about to drown in debt after splashing the cash for the big day. But that needn’t be the case, says the money-saving expert, Martin Lewis.

Launching his new run of The Martin Lewis Money Show with a special live instalment this week ahead of Black Friday – when many retailers unveil big one-off price cuts – Martin will invite viewers to “ask me anything”.

“Mobile phone insurance is one of the few insurances that doesn’t have risk-based pricing. You pay the same to insure your phone whether you lose it every year or you’ve never lost it, so it’s no bad thing.

But you don’t have to insure with your network provider. Nationwide’s Flexplus bank account costs £13.50 a month and it insures all the family’s mobiles.”

What advice have you got for getting the best deal on a TV package?

“Work out what you watch. Many people like lots of channels, but it’s a bit like the gym – having them and using them are not the same thing.

“Get a Now TV pass and watch sports or movies online for a one-off fee.

“If you’re a subscriber, just before the end of your contract it’s always worth calling up your provider and asking for a better deal.

“It’s the customer-retention team’s job to keep you, so make them fight harder for your business.”

Do supermarket loyalty cards make it worth staying loyal?

“If I happen to be in a shop and I have a loyalty card for that store I would definitely use it, but I would never choose to shop based on the fact that they have a loyalty scheme because they have a vicious cycle that traps you in.

“When you earn points you tend to have to redeem the points at the same store, and you have to spend more to earn more points.”

With Christmas around the corner, Martin Lewis dishes out some must-know money advice

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If I’m in debt, is it a good idea to cut up all of my credit cards?

“Cutting up your credit card is a purely physical act that does nothing.

“If you already have bad debt, cancelling your credit card makes no difference to your credit score because you still have the debt.

“The most important thing is to get a balance transfer and move the debt to where it is cheapest to pay back.

“Then, rather than cut up your card, put it in a bowl of water and then place it in the freezer!”

Should I use my savings to pay off my credit card or hold on to them?

“A lot of people have savings and credit-card debt because they don’t like to use all their savings to pay off the debt.

“However, a savings account only pays around one percent in interest, whereas credit card debts cost you 20 per cent in interest. If you cleared your debt by using your savings, you would be £180 better off for every £1,000.”

NEW! The Martin Lewis Money Show Live Tuesday 8pm ITV

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